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« BARRICK GOLD CORP: Not for us | Main | Silverado Gold Mines Ltd: Gold Update 05 August 2006 »

Kinross Gold Corporation: Update 05 August 2006

Kinross Gold Corp beat most analysts’ expectations by announcing record second-quarter earnings.

Base in Toronto this gold mining company generated profits of $65.6 million or 19 cents a share up from a loss of $16.4 million.

An average realized gold price of $625 an ounce pushed profits up by 48% to $252.3 million. The company said it remains on schedule to produce about 1.44 million gold equivalent ounces for 2006.

Looking forward to 2008 the company said the Paracatu project would start up in then and is expected to produce about 557,000 ounces of gold a year from 2009 through 2013.

We are pleased with this purchase and will follow its progress closely as we expect their ambition coupled with the coming increase in gold prices to push this mining stock right through the ceiling. If you haven’t already made an investment in this stock then don’t leave it to late, there may not be many more ‘dips’ to buy in to.

05 August 2006

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